Operational Capital Generation and Market Analysis

And supported by renewals thanks to high persistency Persistency ratios steadily at the forefront of the industry 13th month persistency ratios 98.1% 97.0% 96.7% 96.3% 95.1% 95.0% 93.0% 96.1% 2020 2021 2022 H1 2023 Agency 13th month Banca 13th month ageas. 11

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